CPE Credits: 2
Course Level: Intermediate
Prerequisites: Basic knowledge of income taxation
Advance Preparation: None
Fees: $49 for Members and $60 for Nonmembers
Summary
With the economy still weak, taxpayers continue to be faced with unprecedented levels of foreclosures and repossessions of property. Tax practitioners then are given the task of applying complex tax rules to their clients’ situations. This webinar will provide practitioners with the tools to apply the rules and assist their clients.
Objectives:
Upon completion of this webinar, you will be able to:
- Properly report information from Forms 1099A and 1099C.
- Prepare Form 982.
- Calculate the gain or loss from abandonment, voluntary conveyance or foreclosure of property.
- Properly determine the basis in repossessed assets and compute gain or loss from the repossession.
- Identify the holding period and tax consequences of later selling or disposing of repossessed property .
Presenter: Jaye Tritz, EA, CFP®